Word: eca
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...tried to spice its aid with a small inducement to encourage intra-European trade. Some $800 million of the U.S. grants were conditional. To get them, the receiving country had to surrender an equal amount of its own currency to a third nation. Thus Britain, in order to receive ECA dollars, made sterling available to France, enabling France to buy British machinery. Such secondary grants were known as drawing rights...
...ECA's W. Averell Harriman, Belgium's Spaak and some other continental delegates have been seeking to liberalize the arrangement on drawing rights so it would become a greater stimulus to intra-European trade. At one point French Finance Minister Maurice Petsche proposed a compromise, known in OEECese as "40% transferability of drawing rights." Under the Petsche plan, a typical triangular trade situation would have worked out like this...
Cripps had agreed to transferability, although the amount of drawing rights that could be transferred was cut from 40% to 25%. Since this would cost Britain only $50 million a year at most, Cripps had won a victory in terms of cash. ECA and the Belgians were content in having established the principle that ECA was working toward multilateral trade, not bilateral budgeting and bartering...
...billion for foreign aid (the bulk of it for ECA...
...hearing room of the Capitol, Tennessee's ancient and irascible Senator Kenneth McKellar faced ECA Administrator Paul Hoffman, who had been reported by the morning papers as saying he would resign if the Senate cut any more of the $3.5 billion which the House had allotted ECA for 1950. Said McKellar, chairman of the Appropriations Committee: "Other than giving away other people's money, I wonder what you are doing in Europe ... I think it would be the best thing for the people of the U.S. and Europe if you did resign . . . Why you sent a lobbyist...